Manchester United heir sells stake six months after father’s death

Six months after the death of First Allied Corporation founder Malcolm Glazer, his son Edward has put his inherited stake in Manchester United up for sale, worth almost £30 million (€38 million).

Forty-four-year-old Edward serves as the president of First Allied Corporation, co-president of the Glazer Family Foundation as well as executive vice president and co-chairman and of the Glazer’s other sports team – the Tampa Bay Buccaneers.

Following Glazer’s death in May, Edward’s family released a statement saying that the long established estate succession plan for the two sports teams ensured they would remain with the Glazer family for generations to come.

The 85-year-old had left ownership of Manchester United between his wife, five sons and his daughter.

But a statement issued by the club and New York Stock Exchange, where 10% of shares are already listed, said 3 million Class A ordinary shares would be offered from the Edward S Glazer Irrevocable Exempt Trust. It said the offering is set to close on 12 December.

According to the BBC, the shares amount to around a 2% stake in the club, and approximately 15% of Edward’s stake.

Three of Glazer’s sons, Bryan, Avi and Joel, took an active leadership role at the family’s two sports clubs since their father’s stroke in 2006. Avi and Joel are today co-chairmen of Manchester United, while Bryan is a non-executive director.